Budgeting for the First Time – How to Start and Effectively Manage the Process
First-time budgeting, like any new task, may seem difficult and complex, but it brings immense value to managing a company. It’s worth taking up the challenge – a well-prepared budget is a roadmap that guides your organization toward achieving its goals and helps it survive in a dynamic economic environment.
The Impact of the Minimum Wage Increase in Poland in 2025 on Entrepreneurs and Company Profitability
At the beginning of 2025, the minimum wage in Poland will rise to PLN 4,666 gross, with the minimum hourly rate increasing to PLN 30.50. For many entrepreneurs, particularly those in the small and medium-sized enterprise (SME) sector, this change represents a significant challenge. While the main goal of raising the minimum wage is to improve the financial situation of workers and boost their purchasing power, for employers, it necessitates considerable adjustments in cost management and operational strategies.
Clients delaying payments? Protect your business from liquidity loss
Delayed payments are one of the most significant challenges faced by Polish entrepreneurs. Currently, the average waiting time for invoice payments is approximately 60 days, and in many cases, it exceeds even 90 days. By the end of 2023, one in three companies in Poland grappled with overdue payments, posing a serious threat to financial liquidity, especially in light of today’s economic challenges.
The Risks of Overreliance on Simplifications in Financial Accounting
"The bank has terminated our credit agreement! This is a matter of life and death for us!" Those were the words I heard from a client a few months ago. His story is a perfect illustration of the thesis that simplified accounting can lead a company to erroneous conclusions with far-reaching consequences. It also proves that a properly tailored accounting system and internal processes are crucial to the safety and success of an enterprise.
The Impact of Adverse Macroeconomic Indicators on Your Company
Jak mówi Bill Gates, decyzje oparte na powierzchownej intuicji mogą kosztować przedsiębiorców drogo. W ostatnich latach, wyzwania takie jak pandemia i konflikt na Ukrainie, pokazały, jak zmienne i nieprzewidywalne mogą być warunki gospodarcze. Nieustanne zmiany makroekonomiczne, oraz niepewność gospodarcza wymagają od przedsiębiorców nie tylko czujności, ale i strategicznego zarządzania ryzykiem.
Understand the Differences Between Simplified, Full Financial Accounting, and Management Accounting and Make an Informed Choice
Are you running your own business? Achieving great results and continually coming up with new development ideas? That's fantastic!In this article, I want to persuade you why it's worth implementing full financial accounting as well as management accounting and controlling in your organization without delay.